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O impacto do regime de substituição tributária sobre o preço de produtos derivados do leite no Estado de São Paulo; Tax substitution regime impact on price of milk derivate products in state of Sao Paulo

Paula, Felipe Viana de
Fonte: Biblioteca Digitais de Teses e Dissertações da USP Publicador: Biblioteca Digitais de Teses e Dissertações da USP
Tipo: Dissertação de Mestrado Formato: application/pdf
Publicado em 07/11/2011 Português
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36.07%
O mecanismo da substituição tributária tem ganhado, sobretudo nos últimos anos, grande importância como instrumento para reduzir a sonegação fiscal e incrementar a arrecadação do ICMS pelos Estados. Nesse contexto, o Estado de São Paulo tem sido aquele que mais tem lançado mão de tal prerrogativa, acreditando que a fiscalização tem se tornado menos dispendiosa, com a redução do esforço fiscal. Em virtude desse comportamento, observa-se um descontentamento por parte do meio empresarial, com a colocação de diversos argumentos contrários ao sistema. Dentre os argumentos, cita-se a possibilidade de que a introdução de tal mecanismo esteja gerando um impacto no preço final dos produtos para o consumidor, em virtude da substituição tributária poder aumentar o ônus fiscal para os produtores. Nesse sentido, este trabalho buscou verificar se a inserção da substituição tributária no Estado de São Paulo em um segmento específico é capaz de interferir nos preços de seus produtos. O setor escolhido para realização da analise foi o de lacticínios, representado por três produtos: leite UHT (longa vida), leite em pó e manteiga, que passaram a responder pelo novo regime tributário em maio de 2008. A análise baseou-se na construção de um modelo de séries temporais para os preços dos produtos...

Mudanças nos uso e preços de terras do Estado de São Paulo - período de 1995 a 2010; Changes in land use and farmland prices in São Paulo State: from 1995 to 2010

Chang, Flora Lee Nien Caetano
Fonte: Biblioteca Digitais de Teses e Dissertações da USP Publicador: Biblioteca Digitais de Teses e Dissertações da USP
Tipo: Dissertação de Mestrado Formato: application/pdf
Publicado em 10/12/2012 Português
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Este estudo examinou as principais transformações ocorridas na forma de ocupação do solo em diferentes regiões do Estado de São Paulo, entre os anos de 1995 e 2010, tendo como objetivo geral determinar quais os principais vetores das mudanças observadas nos preços de terras agrícolas. Esse período abrange tanto a fase de retração e desregulamentação do setor sucroalcooleiro, após o abandono do Proálcool, quanto a nova etapa de investimentos que adentraram o setor na última década, visando, principalmente, restituir a cadeia de produção de etanol, oportunamente esteado no calor das discussões sobre combate às mudanças climáticas. Tais investimentos, juntamente com o cenário econômico internacional de preços vantajosos para as commodities agrícolas, dentre elas o açúcar, deram origem a uma nova fase de expansão da lavoura canavieira no estado. Por outro lado, a rápida incursão das culturas agroenergéticas nos espaços agrícolas levantou diversas opiniões exprobatórias, segundo as quais tal avanço pressionaria tanto os preços de terras como os de alimentos. Concomitantemente, o crescimento econômico de países emergentes, durante a segunda metade da última década, impulsionou não apenas a demanda por combustíveis e alimentos (dentre eles...

Modelling and forecasting brent prices

Silva, Tânia Cristina Dinis Marques e
Fonte: Instituto Universitário de Lisboa Publicador: Instituto Universitário de Lisboa
Tipo: Dissertação de Mestrado
Publicado em //2010 Português
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Mestrado em Finanças/ C23, Q43; Desde o início dos tempos que o Brent, mais conhecido por petróleo, tem sido uti-lizado em diversas aplicações, devido à sua elevada densidade energética, facilidade de transporte e relativa abundância. Nos últimos anos, o Brent tornou-se na fonte de energia mais importante, desempenhando um papel preponderante na manutenção da nossa actual sociedade. Neste contexto, o objectivo principal deste trabalho é mode-lar e prever os preços mensais e diários do Brent, de forma a melhor compreender e antever o seu comportamento. Na modelação e previsão dos preços utilizaram-se duas abordagens diferentes. A primeira baseia-se na análise de séries temporais com memória longa. A presença de memória longa é veri cada na média condicional e modelada a partir de modelos ARFIMA. Esta característica é também analisada na volatilidade da série e mode-lada através de modelos FIGARCH, FIAPARCH ou FIEGARCH. A outra abordagem considera modelos estocásticos de mudança de regime, nomeadamente modelos STAR, SETAR e MS-AR. A modelação dos preços diários de Brent é feita com base em modelos de séries tem-porais considerando memória longa, uma vez que esta característica foi identi cada na volatilidade da série. Modelos de mudança de regime foram também aplicados...

Canada-Wheat : Discrimination, Non-Commercial Considerations, and State Trading Enterprises

Hoekman, Bernard; Trachtman, Joel
Fonte: World Bank, Washington, DC Publicador: World Bank, Washington, DC
Português
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Statutory marketing boards that have exclusive authority to purchase domestic production, sell for export, and set purchase and sales prices of commodities are a type of state trading enterprise that is subject to World Trade Organization disciplines. This paper assesses a recent dispute brought by the United States against Canada, alleging that WTO rules require state trading enterprises to operate solely in accordance with commercial considerations and that the Canadian government did not require the Canadian Wheat Board to do so. The panel and Appellate Body found that the primary discipline of the WTO regarding state trading enterprises was nondiscrimination, and that operating on the basis of "commercial considerations" was not an independent obligation. Instead, WTO disciplines regarding the pricing behavior of state trading enterprises use a "commercial considerations" test as a possible indicator of discrimination. Although a significant degree of price discrimination is observed in the case of Canadian wheat exports...

Comparison of world and domestic grain market prices

Laping, Wu
Fonte: Universidade Nacional da Austrália Publicador: Universidade Nacional da Austrália
Tipo: Working/Technical Paper Formato: 486110 bytes; 352 bytes; application/pdf; application/octet-stream
Português
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Until the economic reform that began in China in the 1980s, the central government held a monopoly on foreign trade, with the Minister of Foreign Economic Relations and Trade (MOFERT) exercising control on its behalf and drawing up national import and export plans. The specialised foreign trade corporations supervised by MOFERT handled import and export business. Of these corporations, the Chinese National Cereals, Oils and Foodstuffs Export and Import Corporation (COFCO) was in charge of grain trade. After the economic reform of the mid 1990s, however, this procedure was modified in several respects. In order to break COFCO’s monopoly over grain trade, the government introduced a quota allocation system under which other state-owned companies were allowed to participate in grain trade. Meanwhile, aiming at better coordination between domestic grain marketing and foreign grain trade, the State Council created Liang Fen, a new company owned jointly by the Ministry of Foreign Trade and Economic Cooperation (MOFTEC) and the MIT. Furthermore, in 1994, China’s agent system of foreign trade was adapted to the trade system. The state grain-trading companies began to act as trading agents for MIT and other companies, which were required to pay export and import quota and charge fees accordingly. In this paper...

Integration and arbitrage in the spanish financial markets: an empirical approach

Balbás, Alejandro; Longarela, Iñaki R.; Pardo, Ángel
Fonte: Universidade Carlos III de Madrid Publicador: Universidade Carlos III de Madrid
Tipo: Trabalho em Andamento Formato: application/pdf
Publicado em /12/1997 Português
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Several authors have introduced different ways to measure the integration between fmancial markets. Most of them are derived from the basic assumptions to price assets, like the Law of One Price or the absence of arbitrage opportunities. Two perfectly integrated markets must give identical price to identical fmal payoffs, and a vector of positive discount factors, common to both markets, must exist. Therefore, if these properties do not hold, their degree of violation can be measured and considered as an integration measure. The present paper empirically test the integration measures in the Spanish fmancial markets. Hence, several interesting values are obtained, like for instance, the state prices or the risk-neutral probabilities. Furthermore, when the risk-neutral probabilities do not exist, explicit cross-market arbitrage portfolios are detected. The results of our test are surprising for several reasons. First of all, the arbitrage opportunities very often appear, and the bid-ask spread and the transaction costs are not able to avoid the arbitrage profits. Furthermore, the criticisms, which are usually argued when empirical papers show the existence of arbitrage opportunities, do not apply here, since we work with perfectly synchronized high frequency data. On the other hand...

Optimal monetary policy under administered prices

Kater, Guilherme
Fonte: Fundação Getúlio Vargas Publicador: Fundação Getúlio Vargas
Tipo: Dissertação
Português
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This work aims to analyze the interaction and the effects of administered prices in the economy, through a DSGE model and the derivation of optimal monetary policies. The model used is a standard New Keynesian DSGE model of a closed economy with two sectors companies. In the first sector, free prices, there is a continuum of firms, and in the second sector of administered prices, there is a single firm. In addition, the model has positive trend inflation in the steady state. The model results suggest that price movements in any sector will impact on both sectors, for two reasons. Firstly, the price dispersion causes productivity to be lower. As the dispersion of prices is a change in the relative price of any sector, relative to general prices in the economy, when a movement in the price of a sector is not followed by another, their relative weights will change, leading to an impact on productivity in both sectors. Second, the path followed by the administered price sector is considered in future inflation expectations, which is used by companies in the free sector to adjust its optimal price. When this path leads to an expectation of higher inflation, the free sector companies will choose a higher mark-up to accommodate this expectation...

Bangladesh - State of the Economy and Near to Medium-Term Challenges

World Bank
Fonte: Washington, DC Publicador: Washington, DC
Tipo: Economic & Sector Work :: Other Poverty Study; Economic & Sector Work
Português
Relevância na Pesquisa
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The Awami league, voted to power by Bangladesh's electorate in last December's national elections, has laid out a vision that promises to take Bangladesh to a middle-income status by 2021. According to this vision 'poverty will be drastically reduced; where our citizens will be able to meet every basic need and where development will be fast track, with ever increasing rates of growth.' How can the new government deliver on its economic promises? What issues does it need to tackle in the immediate near-run as well as medium- to long-run to take the country forward on the growth enhancing and poverty reducing path? What steps are needed to deal with the likely impact of the still unfolding global economic crisis? This note provides a broad overview of the current state of the Bangladesh economy, the immediate challenges it faces from the ongoing global crisis and the medium-term policy priorities for accelerating growth and reducing poverty.

Do Procurement Rules Impact Infrastructure Investment Efficiency? An Empirical Analysis of Inversão das Fases in São Paulo State

Blancas, Luis; Chioda, Laura; Cordella, Tito; Borges de Oliveira, Alexandre; Vardy, Felix
Fonte: Banco Mundial Publicador: Banco Mundial
Tipo: Publications & Research :: Policy Research Working Paper
Português
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As a means to reduce delays in public works implementation, a number of Brazilian states have recently reformed their procurement rules allowing contractor price proposals to be assessed before the technical evaluation of submitted bids is undertaken (in a procedure known as inversao das fases). In order to evaluate the effects of such reform, this paper adopts a difference-in-differences methodology to compare the procurement performance of Sao Paulo state (a reformer state) and Minas Gerais' (a non-reformer state) largest water and sewage utility along three efficiency dimensions: (i) procurement process duration; (ii) likelihood of complaint resolution litigation; and (iii) prices paid to contractors. The analysis finds that the reform is associated with a 24 day reduction in the duration of procurement processes for large projects and a 7 percentage point drop in the likelihood of court challenges irrespective of project size. Although both effects are economically important, only the latter is statistical significant. Finally...

Nigeria - Lagos State : States Finances Review and Agenda for Action

World Bank
Fonte: Washington, DC Publicador: Washington, DC
Tipo: Economic & Sector Work :: Other Public Sector Study; Economic & Sector Work
Português
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This study on Nigeria Lagos State, states finances review and agenda for action reviews Lagos State's fiscal performance in recent years, highlight the main risks that may affect the fiscal outlook in the medium term, and help the Lagos State Government (LASG) develop an agenda for deepening the reforms in key aspects of public finance management (PFM) and service delivery, based on further analytical work. The quality of information has unfortunately been a constraint in this study. It affected the ability of the study team to make relevant observations and policy recommendations, in particular on the expenditure side. The data limitation also suggests that the first priorities for the government in PFM reform should be extending the coverage of the budget, improving the classification system, and reporting revenues and expenditures accurately and transparently.

Ringing in the 20th Century : The Effects of State Monopolies, Private Ownership, and Operating Licenses on Telecommunications in Europe, 1892-1914

Wallsten, Scott
Fonte: World Bank, Washington, DC Publicador: World Bank, Washington, DC
Tipo: Publications & Research :: Policy Research Working Paper; Publications & Research
Português
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Countries around the world are liberalizing their telecommunications networks by privatizing incumbent state-owned firms and introducing competition. For many, this change represents a return to private provision and competition-not a new phenomenon. The beginning of the 20th century saw great variation in the structure of telecommunications sectors, with some countries operating state monopolies and others-especially in Scandinavia-allowing vigorous private competition. The author uses data on countries around the world in 1913 and on European countries in 1892-1914 to test the effects of government monopolies, private provision, and operating licenses on telephone development. Controlling for per capita income and, where possible, for country and year fixed effects, he finds that state monopoly provision is correlated with substantially lower telephone penetration and higher consumer prices for long-distance service than private provision. Contrary to conventional wisdom, rural service was also worse under state-owned monopolies. Operating licenses that gave the state the right to appropriate firms' assets similarly led to lower telephone penetration and higher prices.

Underpowered : The State of the Power Sector in Sub-Saharan Africa

Eberhard, Anton; Foster, Vivien; Briceño-Garmendia, Cecilia; Ouedraogo, Fatimata; Camos, Daniel; Shkaratan, Maria
Fonte: World Bank, Washington, DC Publicador: World Bank, Washington, DC
Tipo: Economic & Sector Work :: Energy Study; Economic & Sector Work
Português
Relevância na Pesquisa
36.07%
Sub-Saharan Africa is in the midst of a power crisis marked by insufficient generating capacity, unreliable supplies, high prices, and low rates of popular access to the electricity grid. The region's capacity for generating power is lower than that of any other world region, and growth in that capacity has stagnated. The average price of power in Sub-Saharan Africa is double that of other developing regions, but supply is unreliable. Because new household connections in many countries are not keeping up with population growth, the electrification rate, already low, is actually declining. The manifestations of the current crisis are symptoms of deeper problems that are explored in this study of power sector institutions in 24 countries of Sub-Saharan Africa, which draws extensively on a new body of research undertaken as part of the multi-donor Africa Infrastructure Country Diagnostic (AICD). There are nearly 60 medium- to longer-term power sector projects involving the private sector in the region excluding leases for emergency power generation. Almost half of these are independent power producers (IPPs). Involving more than $2 billion of private sector investment...

A State Trading Enterprise for Grains in Russia? Issues and Options

World Bank
Fonte: Washington, DC Publicador: Washington, DC
Tipo: Economic & Sector Work :: Policy Note; Economic & Sector Work
Português
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The impact of state trading enterprises (STEs) on domestic and international grain markets has been studied extensively over the years, generating a considerable body of theoretical and empirical evidence. The aim of this note is to draw on this body of evidence to analyze possible options for Russia's future state involvement in grain trade. The note covers the following three parts: i) outline of the potential economic impacts of STEs in grain trade from an economic perspective; ii) review of some of the global experience with STEs that are involved in grain exports; and iii) evaluation of options for state involvement in grain trade in Russia. The coverage in this note is limited to grains and to the impacts of STEs in countries that are net exporters of grain. Of the major grains, the note focuses on wheat which is by far the most important Russian export grain. Importing STEs are much more numerous than exporting STEs worldwide. However, unlike Ukraine, which has jumped between net export and net import situations for wheat as recently as 2003/04...

Belarus Agricultural Productivity and Competitiveness : Impact of State Support and Market Intervention

World Bank
Fonte: Washington, DC Publicador: Washington, DC
Tipo: Economic & Sector Work :: Policy Note; Economic & Sector Work
Português
Relevância na Pesquisa
36.06%
Productivity in Belarus' agricultural sector has improved considerably, but large parts of crop and livestock production are not internationally competitive. The state's regulatory and fiscal support system for agriculture has been instrumental in improving the sector's performance. But the massive distortions to agricultural incentives it creates to prevent the sector from reaching its full potential. And the high costs it causes to state budget may be difficult to sustain in view if shrinking fiscal space. Agricultural sector efficiency and competitiveness in Belarus can be increased by re-orienting the sectoral policy framework towards less distortive measures and reallocating associated budget expenditures to support sustainable agricultural growth. Assistance program could be provided to buffer against structural adjustment shocks. The government will thus achieve its sectoral goals to a higher degree, without compromising on other important policy areas such as food security and rural livelihoods...

Competitive Agriculture or State Control : Ukraine's Response to the Global Food Crisis

World Bank
Fonte: Washington, DC Publicador: Washington, DC
Tipo: Economic & Sector Work :: Policy Note; Economic & Sector Work
Português
Relevância na Pesquisa
36.12%
World market prices for grains and oilseeds have risen dramatically over the last 24 months. Despite a recent drop, wheat prices are still about twice what they were two years ago. Given the underlying causes, this situation is likely to persist for the medium term (International Food Policy Research Institute-IFPRI and World Bank projections use a time horizon until 2015). Rising food prices are causing significant hardship worldwide and threatening to cast large numbers of people into poverty. However, the current situation is a major opportunity for Ukraine, a net grain exporter with a significant exploitable yield gap and one of the few countries in the world that are in a position to significantly increase net exports and make up for emerging deficits elsewhere. With appropriate policies and investments, Ukraine could significantly increase its grain harvest and gain global market share in an environment of rising global demand. Even relatively conservative estimates of growth in yields and acreage indicate that a regular harvest of over 40 million tons will be possible. Seizing this opportunity will require a shift in policies and corresponding increases in private and public investment. Ukraine is in a position to make a significant contribution to the international effort to deal with the food crisis...

Market impacts in major events: an analysis using state price distributions

Foo, Siow Moi
Fonte: Quens University Publicador: Quens University
Tipo: Tese de Doutorado Formato: 1636421 bytes; application/pdf
Português
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For the past two decades, events on the world stage and particularly in the United States have serious implications for the operations of financial markets. In this study, we will attempt to provide some insights into information dispersion before and after three particular events: the near collapse of Long Term Capital Management in August 1998, the Tech-Bubble Burst in March 2000, and the terrorist attack on September 11, 2001. A study of these events will yield insights into the resolution of information uncertainties in the financial markets. We estimated state prices and state price densities using Claims-based asset pricing (a la Ross (2000)). We then used our results to gauge investor sentiments three months before and three months after each event. We also used two new measures of the level of pessimism in the market during these events: skewness of the state price distributions and the percentages of discount states (with state price densities greater than one). Our results clearly indicate that different markets reacted differently to the three events, and that there were different levels of information leakage in the markets for each event. As expected, the impacts from the 9/11 event were immediate but short-lived in both the SPX and NDX markets. Further...

Transmissão de preços entre produtos do setor sucroalcooleiro do estado de São Paulo.; Price transmission among products of the sugar-ethanol sector in São Paulo state.

Alves, Lucilio Rogério Aparecido
Fonte: Biblioteca Digitais de Teses e Dissertações da USP Publicador: Biblioteca Digitais de Teses e Dissertações da USP
Tipo: Dissertação de Mestrado Formato: application/pdf
Publicado em 24/01/2003 Português
Relevância na Pesquisa
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No começo da década de 1990 deu-se início ao processo de desregulamentação dos preços dos produtos do setor sucroalcooleiro através da liberação de seus preços. Neste contexto, esses preços passaram a ser determinados de acordo com as regras de livre mercado. Desde então, o setor sucroalcooleiro tem passado por profundas transformações num período relativamente curto de tempo. Neste trabalho buscou-se analisar a transmissão de preços entre os mercados dos principais produtos do setor sucroalcooleiro do Estado de São Paulo. Determinou-se a intensidade e a duração em que as oscilações de preços são transmitidas de um nível de mercado para outro e de um produto para outro do mesmo nível de mercado. A análise compreendeu o período de maio de 1998 a junho de 2002. O modelo proposto foi implementado utilizando-se testes de raiz unitária de Dickey-Fuller Aumentado (ADF), de co-integração de Johansen e método de Auto-Regressão Vetorial com Correção de Erro (VEC). Os resultados apontam para as inter-relações contemporâneas entre os preços do açúcar cristal industrial no mercado interno e o recebido pela exportação e entre os preços do açúcar cristal empacotado ao produtor e ao varejo. O preço do álcool anidro...

Efeitos dos ganhos de produtividade total dos fatores da agropecuária sobre os preços agrícolas no Brasil: 1970-2006; The effects of total factor productivity over the food prices in Brazil

Mendes, Giovanna Miranda
Fonte: Biblioteca Digitais de Teses e Dissertações da USP Publicador: Biblioteca Digitais de Teses e Dissertações da USP
Tipo: Tese de Doutorado Formato: application/pdf
Publicado em 11/09/2015 Português
Relevância na Pesquisa
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A agropecuária brasileira tem crescido nas últimas décadas e os ganhos de produtividade tem sido importante neste bom desempenho do setor. O presente trabalho tem dois objetivos principais. O primeiro deles foi mensurar o crescimento desta produtividade total dos fatores na agropecuária brasileira estadual, decompondo o crescimento da PTF em progresso tecnológico e eficiência técnica. O segundo objetivo foi analisar o efeito do crescimento da PTF da agropecuária brasileira sobre os preços agrícolas, no Brasil, de 1970 a 2006. O crescimento desta produtividade foi mensurado a partir dos insumos terra, trabalho e capital na função de produção translog sob orientação do produto, a partir do método de Fronteira Estocástica de Produção e do índice de produtividade de Malmquist. Para avaliar o efeito do crescimento da PTF sobre os preços agrícolas foi construído o índice de preços agrícolas utilizando-se o Índice de preços de Laspeyres para estimar o vetor autoregressivo em painel (panel- VAR), acrescentando as variáveis produtividade total dos fatores (PTF), salário rural, financiamento agrícola e renda per capita domiciliar. Além disso, foi aplicado o teste de causalidade, no sentido de Granger, e estimada a função impulso resposta. A base de dados utilizada foi...

Essays on the Econometrics of Option Prices

Vogt, Erik
Fonte: Universidade Duke Publicador: Universidade Duke
Tipo: Dissertação
Publicado em //2014 Português
Relevância na Pesquisa
36.13%

This dissertation develops new econometric techniques for use in estimating and conducting inference on parameters that can be identified from option prices. The techniques in question extend the existing literature in financial econometrics along several directions.

The first essay considers the problem of estimating and conducting inference on the term structures of a class of economically interesting option portfolios. The option portfolios of interest play the role of functionals on an infinite-dimensional parameter (the option surface indexed by the term structure of state-price densities) that is well-known to be identified from option prices. Admissible functionals in the essay are generalizations of the VIX volatility index, which represent weighted integrals of options prices at a fixed maturity. By forming portfolios for various maturities, one can study their term structure. However, an important econometric difficulty that must be addressed is the illiquidity of options at longer maturities, which the essay overcomes by proposing a new nonparametric framework that takes advantage of asset pricing restrictions to estimate a shape-conforming option surface. In a second stage, the option portfolios of interest are cast as functionals of the estimated option surface...

Endogenous state prices, liquidity, default, and the yield curve

Espinoza, Raphael A.; Goodhart, Charles; Tsomocos, Dimitrios P.
Fonte: Financial Markets Group, London School of Economics and Political Science Publicador: Financial Markets Group, London School of Economics and Political Science
Tipo: Monograph; NonPeerReviewed Formato: application/pdf
Publicado em /02/2007 Português
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We show, in an exchange economy with default, liquidity constraints and no aggregate uncertainty, that state prices in a complete markets general equilibrium are a function of the supply of liquidity by the Central Bank. Our model is derived along the lines of Dubey and Geanakoplos (1992). Two agents trade goods and nominal assets (Arrow-Debreu (AD) securities) to smooth consumption across periods and future states, in the presence of cashin- advance financing costs. We show that, with Von Neumann-Morgenstern logarithmic utility functions, the price of AD securities, are inversely related to liquidity. The upshot of our argument is that agents’ expectations computed using risk-neutral probabilities give more weight in the states with higher interest rates. This result cannot be found in a Lucas-type representative agent general equilibrium model where there is neither trade or money nor default. Hence, an upward yield curve can be supported in equilibrium, even though short-term interest rates are fairly stable. The risk-premium in the term structure is therefore a pure default risk premium.